Leased Veterinary Hospital
For Sale
Contact for pricing
180 E Highland Dr, Oconto Falls, WI 54154
Fee simple interest offered in a purpose-built 2005 veterinary hospital leased to CareVet.
Property Size5,682 SF
Price / SF$139.92
Days on Market144
Property Features for 180 E Highland Dr
General Information
Standard status
Active
Size
5,682 SF
Property subtype
Office
Lease Type
NN
Investment Type
Net Lease
Net Operating Income
$62,424
Building Details
Year Built
2005
Buildings
1
Tenancy
Single
Listing Agency:
Bang Realty
Listed By:
Brian Brockman · License #177814
(888) 737-2264
Source:
Crexi
Added: Apr 16
Changed: Sep 5
Last Checked: Sep 6 at 6:29PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Bang Realty
Investment Insights
Based on property information with market context.
A fee simple veterinary hospital constructed in 2005 comprises 5,682 square feet on a 1.94-acre parcel. The property is currently leased to CareVet, which acquired the practice in February 2024. The lease has approximately three years remaining within the initial five-year base period and includes four additional five-year renewal options.
The property is located along East Highland Drive, described as the city’s primary retail corridor. The remarks state traffic counts exceeding 5,000 vehicles per day and note nearby national and regional retailers such as Piggly Wiggly, NAPA Auto Parts, Dollar General, Burger King, and Vorpahl’s Business Solutions.
The listing further notes the property operates as the only animal hospital within Oconto Falls, with the nearest competing clinic located more than a 15-minute drive away. The lease structure provides 2% annual rental increases throughout the primary term and option periods.
The property is located along East Highland Drive, described as the city’s primary retail corridor. The remarks state traffic counts exceeding 5,000 vehicles per day and note nearby national and regional retailers such as Piggly Wiggly, NAPA Auto Parts, Dollar General, Burger King, and Vorpahl’s Business Solutions.
The listing further notes the property operates as the only animal hospital within Oconto Falls, with the nearest competing clinic located more than a 15-minute drive away. The lease structure provides 2% annual rental increases throughout the primary term and option periods.
Key Highlights
- 5,682 SF purpose‑built veterinary facility constructed in 2005 on a 1.94‑acre parcel
- CareVet‑leased hospital with a tenant acquired in February 2024
- Lease includes ~3 years remaining within the initial five‑year base period plus four 5‑year renewal options
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$68,852
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.66%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,377,040
$1.4M
Cap Rate 7%
$983,600
$983.6K
Cap Rate 9%
$765,022
$765.0K
Market Conditions
NOI Build-Up for 5,682 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$122.7K $21.60/SF
− Vacancy
−$8.0K −$1.40/SF
EGI
$114.8K $20.20/SF
− OpEx
−$45.9K −$8.08/SF
NOI
$68.9K $12.12/SF
Area
Oconto County, WI
Vacancy
6.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,377,040
Cap Rate 7%
$983,600
Cap Rate 9%
$765,022
Alternative Uses
Best Use
Healthcare Medical
$983.6K
$860.7K – $1.15M
NOI $68,852 @ 7.0% cap · market cap 8.66%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.32M
$1.16M – $1.55M
NOI $92,730 @ 7.0% cap · market cap 11.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
46
Businesses Nearby
Explore this area
Business Placement
Demographics for 54154, WI
5,432
Population
2,699
Households
2
Avg Household Size
43
Median Age
20%
College-Educated
92%
High-School Grad
80.3 sq mi
ZIP Area
68
Density / Sq Mi
$57,887
Median Household Income
$44,255
Median Earnings
$684
Median Rent
$194,000
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Medical center - Fee simple interest offered in a purpose-built 2005 veterinary hospital leased to CareVet.
Where is this medical center located?
The property is located at 180 E Highland Dr Oconto Falls, WI.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: 5,682 SF purpose‑built veterinary facility constructed in 2005 on a 1.94‑acre parcel; CareVet‑leased hospital with a tenant acquired in February 2024; Lease includes ~3 years remaining within the initial five‑year base period plus four 5‑year renewal options
